A company’s name is a cornerstone of its identity, embodying its mission and values. At Corpzo, we understand the importance of this and offer our specialized Company Name Change service to ensure a smooth and efficient transition, whether it involves rebranding, mergers, or embarking on a new chapter. With a team of highly skilled professionals, Corpzo is committed to guiding you through every stage of the process, providing expert support to make the transition effortless and impactful.

Legal Procedure for Changing a Company Name

Here are some considerations when renaming your business and the associated legal issues.

(i) Board Resolution: To approve the name and authorize the necessary activities, the board of directors must adopt a resolution.

(ii) Check Name Availability: Make sure the new name you have in mind is available and has not previously been registered by someone else.

The Extraordinary General Meeting (EGM) should be held. to introduce the planned name change and obtain shareholder approval.

(iii) Issuing New Incorporation of Certificate: Following approval, a new certificate will reflect the name change. • Filing for Approval: Submit the necessary paperwork and fees to the Authority.

How to Change the Name of Your Company

The following electronic forms need to be submitted to change a company's name:

(i) RUN: The current business must use the RUN service to reserve the preferred name first.

(ii) After their name has been accepted, businesses need to alter their Memorandum and Articles of Association (MOA/AOA) by passing a special resolution using Form MGT-14.

(iii) INC-24: An eForm INC-24 must be submitted to request Central Government approval for a name change. This makes the name change official and takes effect.

Forms and Documents Needed to Change a Company Name

The following paperwork is needed for a company name change:

(i) The application form for name change approval;

(ii) The board resolution approving the name change;

(iii) Updated company documentation.

(iv) Articles of Association and Memorandum of Association

Typical Causes of Company Name Changes

For a number of reasons, companies may decide to change their names, such as:

(i) When two companies merge or buy one another, their identities drastically change, and their naming practices must adapt to this. When expanding into new areas, an organization may think about changing its name to better engage local audiences or steer clear of culturally sensitive issues.

(ii)  If businesses decide to rebrand themselves, they may do so to better represent current services or match with new strategies. This procedure may also be required by legal or regulatory requirements, such as when its ownership or structure changes.

(iii) Name changes may be required to prevent legal action if your name violates the trademark of another organization.

Timeline for the Company Name Change.

The process's intricacy, the effectiveness of the government agency involved, and the company's readiness can all affect how long it takes to change a company's name, commonly referred to as rebranding. Nonetheless, a rough schedule for a simple name change procedure could resemble this:

Phase 1: Planning and Preparation

  1. • Board Resolution: Authorize the required actions and approve the name change by passing a board resolution.
  2. • Check for Name Availability: Make sure the suggested new name is available and has not already been registered by someone else.
  3. • E-form and Document Drafting: Create the required resolutions, e-forms, and supplementary materials.

Phase 2: Regulatory and Legal Processes

  1. • Extraordinary General Meeting (EGM): Call an EGM to discuss and get the shareholders' permission for the proposed name change.
  2. • Application for Approval: To get the name change approved, apply to the appropriate government agency with the necessary paperwork and payment.
  3. • Evaluation and Processing: After reviewing the application, the government organization may ask for more details or explanations.

Phase 3: Communication and Implementation

  1. • New Certificate of Incorporation: The business will obtain a new certificate of incorporation for the name change after it has been approved.
  2. • Revising Company Records and papers: Make sure that any contracts, registrations, and company papers are updated to reflect the new name.
  3. • Internal Communication: Let staff members know about the name change and offer any instruction or support that may be required.
  4. • External Communication: Use social media campaigns, website upgrades, and press releases to inform the public about the name change.

Compliances Following a Name Change for the Company

Following the firm name change procedure, it is essential to follow certain compliance guidelines:

Updates on Legal Documentation

  1. • Verify that the new company name is used on all invoices, letterheads, documents, and records, as well as on all copies of the memorandum of association.

Name Display: Outside the registered office, clearly display the new and old company names for a year following the date of the name change.

Bank Accounts and Licenses: All bank accounts and licenses acquired from different organizations should be updated with the new company name.

Notifications:

  1. • Communicate the company name change to all pertinent government agencies, interested parties, and utility service providers (phone bills, internet connections).

PAN and tax

  1. • Modify the business name in TAN and PAN.

Follow-up Procedures Following a Change in the Company Name: Legal Documentation

  1. To formally reflect the new name, amend the company's articles of incorporation or other basic papers.
  2. Update and submit legal paperwork to the relevant government agencies, like the office that handles business registration.

Agreements and Contracts

  1.  Examine and amend all current agreements, contracts, and legal documents to appropriately reflect the new name of the business.
  2.  Inform all contract parties of the name change and, if required, secure their approval for the modification.

Intellectual Property

  1. Evaluate and update intellectual property registrations, including patents and trademarks, to include the new business name.
  2.  Verify that all intellectual property rights associated with the old name are transferred smoothly to the new one.

Compliance with Taxes

  1.  Update your tax identification details and notify tax authorities of the firm name change.
  2.  To reflect the new name, update tax registration certificates and other pertinent records.

Regulatory Notifications:

If your industry has particular compliance requirements, make sure to inform the appropriate regulatory agencies and authorities about the name change.

Employee Records

Update all employee records to reflect the new company name, including payroll records, contracts, and benefits documents.

Verify that compliance files about employees, such as those with government or labour bodies, are kept up to date.

Financial Compliance and Banking

  1.  Update account details and alert banks and other financial institutions of the name change.
  2. Verify adherence to any financial rules that the name change might affect.

Public Disclosures

Adhere to any rules pertaining to disclosures made by publicly traded corporations. This can entail updating stock exchanges and submitting the required paperwork to securities regulatory bodies.

Insurance Policies

Examine and amend insurance policies to take into account the new name of the business. This covers property, liability, and other kinds of insurance.

Data Protection and Privacy

To reflect the new company name, review and update data protection documents and privacy policies.

  1. Verify that, under the new business name, consumer consent for data processing is still valid.

Environmental Compliance

If necessary, make sure that the new firm’s name is reflected in any environmental permits or compliance requirements.

Conclusion:

Changing a company’s name is a significant decision that can reflect a shift in branding, ownership, or strategic direction. While the process involves legal, regulatory, and operational steps, it ultimately offers businesses an opportunity to realign with their evolving goals or market identity. A well-executed name change can enhance brand recognition, improve stakeholder engagement, and set the stage for future growth. However, it is essential to approach the transition with careful planning, clear communication, and compliance with applicable laws to ensure a smooth and effective transformation.